Bank of New Cambria
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Bank of New Cambria

Individual Retirement Account

Traditional | Roth

An Individual Retirement Account (IRA) is a tax-sheltered plan that allows you build a secure financial future. We offer an array of Investment products to choose from for your retirement plans.
 

A Traditional IRA

With a Traditional IRA, you can contribute up to $5,500.00 per tax year.  Your contribution may be tax-deductible and your earnings will grow tax deferred.  Any distributions from your IRA are taxable in the year you receive it.  If you are under age 59½, the distribution is subject to a 10% penalty.  At age 70½, you are required to take a minimum distribution from your traditional IRA.  You must be younger than 70½ and have earned income to open a Traditional IRA.
 

A Roth IRA

With a Roth IRA, you can contribute up to $5,500.00 per year.  The contribution is not tax-deductible, yet the earnings will grow tax free. Individuals who qualify may make contributions past the age 70½ and there are no required minimum distributions required. 

There are eligibility requirements for contributing the maximum of $5,500.00 to a Roth IRA.   For a single filer:  your adjusted gross income (AGI) up to $101,000.00 qualifies you for a full contribution ($101,000.00-$116,000.00 to be eligible for a partial contribution). For joint filers:  up to $159,000. AGI qualifies you for the full contribution ($159,000.00-$169,000.00 to be eligible for a partial contribution)
 

Traditional and Roth

If you are age 50 by the end of the year you are eligible for a “catch up” contribution.  This means you can deposit an additional $1,000.00 into your Traditional or Roth IRA, making your limit $6,500.00.
The deadline for making an IRA contribution is generally April 15th. If this day falls on a weekend or holiday, the deadline is the next business day.

Contact the Bank of New Cambria TODAY to set up YOUR IRA account. 

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